Ever since the outbreak of the Covid-19 pandemic, the human kind is very sensitive to changes as a little amount of something can awfully leave us with gross impacts.
Recently, a Facebook post is getting viral claiming that if anyone uses ATM card to withdraw money from ATM machine more than four times, Rs 173 will be deducted from that person’s bank account. As per another claim in the same post, Rs 150 will be charged for every transaction if more than four transactions are done in anyone’s bank account. Several Facebook users are posting an image graphic in Hindi which translates to, “Achhe din has started. Withdrawing money more than four times will invite a tax of Rs 150 and a service charge of Rs 23, which comes to a total of Rs 173. One more gift! From June 1, every bank transaction after four transactions will cost you Rs 150 more. Why don’t you slit people’s throats for once and all? Taxes on earnings, savings, bank deposits, and even if you want to withdraw your own money.”
Anti Fake News War Room (AFWA) has found that the viral claim is misleading. RBI guidelines say that banks can charge customers not more than Rs 20 per transaction for ATM transactions over the free limit per month. For every cash transaction, few private banks started charging at least Rs 150 beyond four transactions in a month, but it had begun in 2017. There has been no change in rule. The apex banking centre of the country has clarified that customers can be charged not more than a maximum of Rs 20 per transaction (plus applicable taxes, if any) by his/her bank for transactions at ATMs over and above the mandated number of free transactions.
And, for transactions at a bank’s own ATM, they should offer savings bank account holders a minimum of five free financial transactions in a month. For transactions at other banks’ ATMs at Metro locations, banks shall offer savings account holders a minimum of three free transactions in a month. For non-metro locations, it is a minimum of five free transactions per month. Private banks such as Axis, HDFC and ICICI had begun charging a minimum amount of Rs 150 per transaction for cash deposits and cash withdrawals beyond four free transactions in a month from around 2017 itself.
The State Bank of India (SBI) has recently changed rules and regulations for cash withdrawals from its branches and ATMs, cheque book charges, transfer, and non-financial transaction. These rules, which will be applicable for Basic Savings Bank Deposits (BSBD) account holders of SBI, will come into effect from July 1, 2021, as per official notification. Basic savings bank deposits (BSBD) account is the one that is available at all branches of the bank and there is no limit assigned for either the minimum balance or the maximum balance. In the case of BSBD account holders at SBI, basic RuPay ATM-cum-debit cards are issued. It will provide the first 10 cheque leaves free of cost in a financial year to all the BSBD account holders. According to new rules, BSBD account holders will have to pay Rs 40 along with the applicable GST while for a 25 leaf cheque book, you need to shell out Rs 75 plus applicable GST.
In case a customer wants an emergency cheque book, they need to pay Rs 50 along with the applicable GST for 10 leaves.
Therefore, it is clear that there are no certain changes, and the viral claim is misleading. Though, the India’s largest public-sector lender i.e. the SBI will be putting effect on the new changes as from 1st July.
